starting a small business

Small Business Bookkeeping: Where to Start

As a small business grows, those first few years come with a lot of work to get on top of your business finances. No one starting a small business can escape the need to carry out some form of bookkeeping to operate in the green.

Bookkeeping is keeping on top of day-to-day money-related tasks running through your business. That involves sending out your invoices, paying your various bills and subscriptions, chasing and processing payments, keeping on top of your expenses and being compliant with tax regulations – and paying it on time.

It sounds like a lot, right? If you didn’t start your bookkeeping on day one, it soon becomea even more. The bare minimum effort would be keeping a record of all the money flowing in and out of your business. Here are a few helpful hints to aid you with bookkeeping.

Bank Accounts and Software

The simplest way to make your working life simple is to set up a separate bank account for your business. That will save you incredible time and effort when reconciling your accounts.

Your regular bank may offer business accounts, or you may find the use of online or app-based accounts in today’s modern age of technology. Some of them don’t even charge a monthly fee.

Although you may feel it would be an unnecessary charge when starting, signing up for bookkeeping software can be hugely beneficial. Bear in mind that Making Tax Digital for the self-employed comes into play as of April 2024, meaning that regular returns to HMRC digitally will be in effect. Software such as Quickbooks or Xero may be a good headstart for you.

Stay in Control

With bookkeeping, you have to adopt a mindset of keeping on top of it regularly. Leaving everything to the last minute is stressful when running a business.

Ensure all invoices and receipts for everything you purchase for your business are kept neat. If you use online software, take pictures of your receipts and upload them straight away instead of compiling 12 months of transactions at the last hour. Find out when all relevant dates for HMRC submissions are, as some may vary on whether you are a limited company, sole trader or partnership. Keep them in your diary so you do not miss any dates and get fined for missing them.

Get the Help

If yo’re starting a small business and that still sounds like a lot, don’t worry! Contact bookkeeping services in Manchester that specialise in working with small business bookkeeping solutions.

If you need answers or support with your day-to-day bookkeeping, contact the team at Pebbles Bookkeeping for help and guidance. We specialise in all areas of bookkeeping services and payroll outsourcing services for small businesses in your area.

Don't just take our word for it...

TecCre8 Ltd

“We began to relinquish our bookkeeping tasks to Pebbles Bookkeeping in September 2020, following our meeting with Diane Huxley to discuss our requirements. We signed up with Diane immediately. We have all built a quick rapport with Diane and it’s good to know that we have her support and expertise at the other end of the phone.

Pebbles Bookkeeping is a perfect fit for our company and liaises seamlessly with our accountant. It is our pleasure to work alongside them.”

Sam Phillips, Sam Phillips Builders

“Sean and the team at Pebbles provide bookkeeping services and do everything from processing invoices to payroll and then final accounts to trial balance.  They have put processes and systems in place that have helped the company track our projects and see if they are profitable and to help us generate better profitability and cash flow.  I highly recommend Pebbles Bookkeeping and often pass their details onto my contacts.”

Robert Flinn, Director, The Drawing Room

“Pebbles have provided professional and personal approach to all our accounts needs from processing invoices to management accounts. Based in-house they have become a valuable asset to the business and have given us a more strategic and analytical approach to our finances.”

 

Mark Gray, Taylor Made Finance Ltd

“Pebbles Bookkeeping have been doing our bookkeeping for the past 2 years. Our Accountant recommended them to us and they are very professional, approachable and knowledgeble in the work they do. We send them our paperwork electronically and manually and they process it all efficiently in a timely manner.

I would not hesitate to recommend Sean and the team at Pebbles Bookkeeping – they do a fantastic job.”
Wayne Dinning, Managing Director, SD Waste Paper Limited

Diane has been providing her services to my company for approximately 6 months now and I can honestly say that due to her assistance, my company is running a lot more smoothly than it has at any time over the previous 30 years that it has existed.

I would just like to say that I would recommend her services to any business, whatever the size, as I can only see that her services would be beneficial to any company that may choose to employ her services.